Guideline Value for Narayanaswamy 1st Street

Narayanaswamy 1st Street guideline value

The current guideline value of Narayanaswamy 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Narayanaswamy 1st Street has changed

Over the years, the guideline value of Narayanaswamy 1st Street has seen significant changes. In the 2003 revision, the value was Rs 185 per sq.ft. This increased to Rs 400 per sq.ft in 2007, marking a substantial rise of 116%. By 2012, the value reached Rs 2,000 per sq.ft, which represented a remarkable increase of 400% from the previous revision. However, in the 2017 revision, the value dropped to Rs 1,340 per sq.ft, showing a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by the current value of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1089%. It is important to note that there is no figure available for Narayanaswamy 1st Street in the 2002 revision.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Narayanaswamy 1st Street is below this median.

• Narayanaswamy 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy Street: Rs 2,200 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)
• Nagarathinam Street: Rs 2,750 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Muthuswamy Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanaswamy 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayanaswamy 1st Street?

The Sub Registrar Office that covers Narayanaswamy 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more information.

How the guideline value is used when you buy or sell in Issa Pallavaram

The guideline value plays a crucial role in the registration process when buying or selling property in Issa Pallavaram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that both parties are aware of the official value of the property being transacted.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This process helps maintain transparency and standardization in property transactions in the region.

Frequently asked questions

What is the current guideline value of Narayanaswamy 1st Street?

The current guideline value of Narayanaswamy 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 185 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1089% over the years.

What are the stamp duty and registration fees for properties in Narayanaswamy 1st Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Narayanaswamy 1st Street?

The Pallavaram Sub Registrar Office covers Narayanaswamy 1st Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

Where can I find the guideline values for other streets in Issa Pallavaram?

The guideline values for other streets in Issa Pallavaram can be found in the registration department's guideline value register. Each street has its own specific guideline value, which can vary significantly.